India: World’s Fifth Largest Exporter by 2030

India: World’s Fifth Largest Exporter by 2030

India has the potential to become the world’s fifth largest exporter of automobiles and can also further develop its textile industry according to a report by HSBC. According to the report, despite the slow growth rate, India can make remarkable progress in the field of trade by the year 2030.

Picture Caption & Link :Automobile Industry, http://bit.ly/1uPEDTi

The report goes on further to state that India has the potential to surpass China as a market due to its growing population and ever expanding middle class. Therefore it is very important to understand the potential that the country has.

Since 1991 the textile industry has made remarkable progress and its contribution to the industrial production has increased drastically. It contributes about 14 percent to the industrial production of the country, 4 percent to the GDP and 17 percent to the country’s export earnings. It is the second largest employment providing sector after agriculture.

Picture Caption & Link :Scope of textile Industry, http://bit.ly/1oJrT9K

The report also states that India has the potential to increase its export share in the world from 4.5 percent to 8 percent. It also stated that the UAE will remain India’s top export destination and china will become the second largest exporter displacing the US.

Sector wise, pharmaceuticals & transport can also accelerate the growth of the exports and by 2030 they would be amongst the top ten contributors to the export growth.

Picture Caption & Link :Pharmaceuticals Industry and its growth, http://bit.ly/1COphjf

Major brand products in developed nations are undergoing patent expiration and India is all set to shift to its generic alternatives, the report added.

The rapid development of the country’s IT sector will also prove beneficial in the long run.

Picture Caption & Link :Textile industry providing employment , http://bit.ly/ZnbJfK

The auto industry accounts for 22 percent of the country‘s GDP. Currently the production is around 17 million units out of which 2.3 million are exported. An expansion of the auto-industry by increasing the number of exports will yield long term profits and will lead to a higher GDP, thereby making India one of the biggest economic powers in the world.

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